Begin $100 $200 $300 $400 $500 C1-$100 - $100 - $100 What is the MPS? MPS is the marginal propensity to save when disposable income has been increased.

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Presentation transcript:

Begin

$100 $200 $300 $400 $500

C1-$100 - $100 - $100 What is the MPS? MPS is the marginal propensity to save when disposable income has been increased by a $1

C1-$200 - $200 What Shifts PPC? Resources, technology and trade

C1-$300 - $300 What Is not included in GDP? Intermediate, nonproduct transactions and illegal activities

C1-$400 - $400 What Are the four Factors of Production? Land, Labor, Entrepreneurship and capital are the four factors of production

C1-$500 - $500 What Is absolute advantage? When a country has the advantage of producing the same goods and services than another country

C2-$100 - $100 Who owns the resources to produce and sell to the market? The federal government

C2-$200 - $200 What is nominal GDP? GDP not adjusted for inflation

C2-$300 - $300 What Is scarcity? When there are unlimited wants but limited resources to satisfy the demand of society

C2-$400 - $400 What Are the shifters of demand? Preferences, price of related goods, income and future expectations

C2-$500 - $500 What Makes up GDP Consumer spending, investments, government spending, and net exports

C3-$100 - $100 What Is MPC? MPC is marginal propensity to consume. When consumption increases after disposable income has been increased by a $1

C3-$200 - $200 What Are the shifters of PPC? It recognizes public records, acts and judicial proceedings

C3-$300 - $300 What Is seasonal unemployment? People unemployed due to seasonal job market changes

C3-$400 - $400 What Is Consumer Price Index? CPI is the index of the average goods and services purchased by the typical consumer

C3-$500 - $500 What Is frictional unemployment? People who are unemployed due to the time they used to find a job

C4-$100 - $100 What Is nominal interest rate? Interest rate actually paid for a loan

C $200 What Measures the cost of purchasing a given market basket in a given year? The price index

C3-$300 - $300 What Is the circular flow model? Model which illustrates the flow of goods and services through the economy

C3-$400 - $400 What are substitute goods? Goods that are in demand due to the increase of price of a preferred good

C3-$500 - $500 What Are complimentary goods. The rise of the price of one good leads to a decrease in the price of another good

C4-$100 - $100 What Is Comparative Advantage? A country being able to produce goods at a lower opportunity cost than another country.

C4-$200 - $200 What Is normative economics? Normative economics are opinions on how the economy should work

C4-$300 - $300 What Is the law of supply? The higher the price of a good leads to a higher supply of that same good

C4-$400 - $400 What Is the percentage rate of senators that get reelected? 80 percent of senators get reelected

C4-$500 - $500 What Is the law of demand? The higher the price of one good, the higher the demand of a related good

C4-$100 - $100 How Do we measure the Standard of living? We measure the standard of living through Real GDP

C4-$ What Is the difference between Real GDP and Nominal GDP? Real GDP is based on average prices and nominal GDP is based on current good prices

C4-$200 - $300 What is the effect of inflation? It will decrease the amount of goods and services being purchased

C4-$400 - $400 Who Counts as part of the labor force? People above 16 years old not involved in any full time institutions like school and are willing to work are part of the work force

C4-$500 - $500 What Are the 3 causes of inflation? Cost push Demand pull Excess of printed money